Hospital EMR Systems Market Worth $18.3 Billion by 2023 - Exclusive Report by MarketsandMarkets™
Nov 13, 2018, 09:30 ET
CHICAGO, November 13, 2018 /PRNewswire/ --
According to the new market research report "Hospital EMR Systems Market by Component (Hardware, Software, and Services), Mode of Delivery (Cloud based and on premise), Type (General EMR and Specialty EMR), and Region (North America, Europe, Asia Pacific) - Global Forecast to 2023", published by MarketsandMarkets™, the global Hospital Electronic Medical Records Market is valued at an estimated USD 12.0 billion in 2018 and is projected to reach USD 18.3 billion by 2023, at a CAGR of 8.8% during the forecast period.
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The key factors driving the growth of this market include government support for the adoption of EMRs and the rising need to curtail healthcare costs. However, the high cost of EMR solutions is one of the major factors that is expected to restrain the growth of this market during the forecast period.
By component, the services systems segment accounted for the largest share of the market in 2018
On the basis of component, the Hospital Electronic Medical Records (EMR) Market is further segmented into services, software, and hardware. In 2018, the hospital EMR services accounted for the largest share of the global market. Services make up a large component of the market due to their indispensable and recurring nature. The healthcare IT industry relies heavily on service providers for consulting, storage, implementation, training, maintenance, and regular technology upgrades. The demand for services is expected to grow rapidly in the coming years due to the introduction of complex software and the integration and interoperability of software, which requires extensive training and upgrades.
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On-premise solutions offer enhanced control, safety of inventory data, and cost benefits in the long term
Based on mode of delivery, the market is segmented into on-premise and cloud-based solutions. The on-premise segment commanded the largest share of the Hospital EMR Systems Market in 2018. The large share of this segment can be attributed to the fact that on-premise solutions offer enhanced control, safety of inventory data, and cost benefits in the long term.
By type, the general EMRs segment held the largest market share in 2018
Based on type, the market is segmented into general EMRs and specialty EMRs. The general EMRs segment commanded the largest share of the Hospital EMR Systems Market in 2018. The large share of this segment can be attributed to the multi-function, multi-specialty capabilities of general EMRs enabling their use in various specialties through flexible functioning and incorporated plugins. Majority of hospitals with various specialties generally opt for general EMRs (with customizations performed for the respective specialties). Currently, Epic is one of the vendors offering huge customizations for large hospitals, based on their specialties.
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North America dominated the market in 2018
In 2018, North America accounted for the largest share of the Hospital EMR Systems Market, followed by Europe, Asia Pacific (APAC), and the Rest of the World (Latin America and the Middle East & Africa). Factors such as federal mandates in the US, growing digitalization in healthcare coupled with favorable government policies, and continuous support in the form of grants by the federal government in Canada are contributing to the large share of North America.
The Hospital EMR Systems Market in Asia Pacific is expected to witness high growth during the forecast period. This can be attributed to the various investments and reforms to modernize China's healthcare infrastructure, the digital healthcare scenario in India, the "One Singaporean, one health record" initiative in Singapore, and the implementation of e-health initiatives in Australia.
The key players in the Hospital EMR Systems Market are Cerner Corporation (US), Epic Systems Corporation (US), athenahealth, Inc. (US), eClinicalWorks (US), Allscripts Healthcare Solutions, Inc. (US), Medical Information Technology, Inc. (US), MEDHOST (US), CPSI (US), and Intersystems Corporation (US).
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